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Knife River cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$136M in Q3 2026 · −$9.5M over twelve months

Operating cash flow$195M
Capital spending−$58.4M
Free cash flow+$136M
Cash / net income1.4×
Cash conversion cycle60 days

Analysis

In Q3 2026, Knife River generated $195M of operating cash flow and spent $58.4M on capital projects, leaving free cash flow of $136M. That is $52.6M less than in Q3 2025 ($189M).

Over the twelve months to Sep 30, 2026, operating cash flow was $257M; the largest uses were acquisitions ($268M), capital spending ($266M), taxes on employees’ shares ($5.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($366M), asset & business sales ($19.6M); the cash balance rose by $96.2M.

Operating cash flow was $195M against net income of $138M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$55.6M, inventory +$43.7M, prepaid and other assets +$38.9M.

Its cash conversion cycle was 60 days (receivables 37 + inventory 45 − payables 22).

Free cash flow

Knife River: free cash flow by quarterKnife River: free cash flow by quarter$127MQ4 2024−$200MQ1 2025−$196MQ2 2025$189MQ3 2025$138MQ4 2025−$136MQ1 2026−$148MQ2 2026$136MQ3 2026
Operating cash flow less capital spending.
Knife River: operating cash flow against capital spendingKnife River: operating cash flow against capital spendingOperating cash flowCapital spending$172M$45.3MQ4 2024−$125M$75.0MQ1 2025−$42.6M$154MQ2 2025$250M$61.7MQ3 2025$196M$57.7MQ4 2025−$58.5M$77.3MQ1 2026−$75.1M$72.9MQ2 2026$195M$58.4MQ3 2026
Latest (Q3 2026): Operating cash flow $195M, Capital spending $58.4M.

Capital allocation, year by year

Knife River: where the cash came from (up) and went (down), by fiscal yearKnife River: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $181MFY2021: Net borrowing −$221KFY2021: Asset sales $12.0MFY2021: Capital spending −$174MFY2021: Acquisitions −$235M$193MFY2021FY2022: Operating cash flow $207MFY2022: Net borrowing −$298KFY2022: Asset sales $22.9MFY2022: Capital spending −$178MFY2022: Acquisitions $1.7M$232MFY2022FY2023: Operating cash flow $336MFY2023: Net borrowing $696MFY2023: Asset sales $8.3MFY2023: Capital spending −$124M$1.0BFY2023FY2024: Operating cash flow $322MFY2024: Net borrowing −$7.0MFY2024: Asset sales $12.0MFY2024: Capital spending −$172MFY2024: Acquisitions −$131M$334MFY2024FY2025: Operating cash flow $278MFY2025: Net borrowing $491MFY2025: Asset sales $47.5MFY2025: Capital spending −$348MFY2025: Acquisitions −$610M$817MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were capital spending ($997M) and acquisitions ($976M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$118M
Debt$1.6B
Net debt$1.4B
Due within a year$11.7M

Knife River's operations bring cash in ($257M over twelve months), and it spends more than that on capital projects: a gap of $9.5M funded from its $118M of cash and investments and from borrowing ($1.6B of debt, $11.7M due within a year). That is a choice to invest, not a cash runway running down.

Knife River: debt maturities by year (FY2025)Knife River: debt maturities by year (FY2025)$11.7MYear 1$16.7MYear 2$18.2MYear 3$23.2MYear 4$215MYear 5$896MAfter year 5
Principal due in each year as disclosed in the annual report, against $118M of cash and investments now.

Where the cash came from and went

Knife River: sources (+) and uses (−) of cash, Q3 2026Knife River: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$195MCash drawn (+) / kept (−)−$75.3MNet borrowing (+) / repaid (−)−$64.9MCapital spending−$58.4MAsset & business sales$5.6MAcquisitions−$1.3MOther investing−$190K
Knife River: sources (+) and uses (−) of cash, TTM to Q3 2026Knife River: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$366MAcquisitions−$268MCapital spending−$266MOperating cash flow$257MCash drawn (+) / kept (−)−$96.2MAsset & business sales$19.6MTaxes on employees’ shares−$5.4MOther financing−$3.8MOther investing−$3.1M

From profit to cash

Knife River: net income to operating cash flow, Q3 2026Knife River: net income to operating cash flow, Q3 2026Net income$138MDepreciation & amortization$55.6MStock-based pay$2.4MDeferred taxes$12.4MGains on disposals−$2.6MInventory$43.7MPayables$9.8MPrepaid and other assets$38.9MOther liabilities$13.9MOperating cash flow$195M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202637452260
Q2 202634582171
Q1 20265510030125
Q4 202548662787
Q3 202536461963
Q2 202536641981
Q1 20256410531138
Q4 202450622785

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$195M−$58.4M−$1.3M−$64.9M−$75.3M$136M
Q2 2026−$75.1M−$72.9M−$10.2M$187M−$26.6M−$148M
Q1 2026−$58.5M−$77.3M−$174M$267M$48.0M−$136M
Q4 2025$196M−$57.7M−$82.0M−$22.9M−$42.3M$138M
Q3 2025$250M−$61.7M−$26.1M−$166M−$3.4M$189M
Q2 2025−$42.6M−$154M−$58.5M$180M$60.8M−$196M
Q1 2025−$125M−$75.0M−$443M$500M$143M−$200M
Q4 2024$172M−$45.3M−$116M−$1.8M−$13.7M$127M

Knife River: income statement and cash flow

Knife River, Q3 2026: revenue $1.3B (+6% year over year), operating margin 16.8%. The chart follows the revenue to costs, profit and cash.

Knife River: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.